Senator Robach and his Senate colleagues today unveiled the Upstate Now agenda, a comprehensive job creation and economic growth plan that will transform and revitalize the upstate economy, generate billions of dollars in new investment, and create thousands of new jobs for New Yorkers. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
The Senate's comprehensive plan will: reduce taxes, energy and health care costs for employers; provide upstate with a 21st century economic infrastructure; strengthen small businesses, manufacturing, agriculture, tourism and other key industries throughout the State; make upstate an international leader in new and emerging technologies; revitalize downtowns and local communities throughout the region; support clean, renewable energy initiatives; strengthen our workforce; and enact sweeping reforms to make the upstate region more business-friendly and economically competitive.
The Senate’s Upstate Now plan includes more than $2.6 billion in tax cuts and incentives, when fully implemented in three years; as well as $300 million in existing venture capital funds that will generate an additional $300 million in private sector matching funds; $300 million in capital monies originally proposed in the Executive Budget, but not included in the adopted budget; $155 million in new capital investment funds; and $58 million in new economic development program investments.
1. Reducing Taxes for Small Businesses, Manufacturers and Key Industries
3. Making Upstate an International Powerhouse in New and Emerging Technologies
5. Reducing Health Care Costs for Small Businesses to Insure More Families
7. Winning the Global Competition for Manufacturing Plants
9. Providing Around the Clock Access to the State's Economic Development Programs
1. Reducing Taxes for Small Businesses, Manufacturers and Key Industries: Taxes play a key role in helping companies decide where to locate, invest and create new jobs. From eliminating income and corporate franchise taxes on upstate’s manufacturers, to further reducing corporate tax rates, to enacting much needed property tax relief for small businesses, the Senate’s plan will help fuel economic growth in upstate for years to come. The Senate will also pursue efforts to simplify New York’s complex tax code and to reform the Wick’s Law.
Eliminating Business Taxes on Manufacturing in New YorkState (This would provide $60 million in tax relief, growing to nearly $500 million in relief when fully implemented).
Providing property tax rebates for small businesses that employ fewer than 20 employees. (Under the Senate's plan, a new Small Business STAR program would be established. It would deliver direct rebate checks, averaging $700, to small businesses that pay school taxes and employ less than 20 people. This measure would provide $150 million in property tax relief).
Reducing the Corporate Franchise Tax Rate from 7.1 percent to 6.85 percent (This would provide $35 million in tax relief, growing to $94 million when fully implemented).
Reduce other taxes on small businesses, aviation and marine fuel.
Encouraging the Federal Government to stop taxing New York’s economic development incentives (Currently, federal law requires New York employers to pay federal taxes on the capital and equipment investments that the State makes to lure major employers like Advanced Micro Devices (AMD) and IBM. This places New York at a tremendous disadvantage with foreign competitors when it comes to attracting major new investments in manufacturing and/or technology facilities).
Capitalize on unused investment tax credits to provide investment in upstate.
· Specific elements of the plan's second component include:
$300 million in capital to support key economic development and emerging technology projects.
Building high-speed passenger trains to interconnect New York's cities.
Rebuilding roads and bridges with a Highway and Bridge Capital Plan.
Supporting the infrastructure to provide broadband access across the State.
Reviving our water and sewer line infrastructure to support growth.
Investing in the 21st Century Food Laboratory in Geneva and the StateDataCenter in Utica.
Creating new commerce and economic growth zones around regional airports.
Attracting major manufacturers with refundable tax credits, such as those that were successfully utilized to secure the AMD investment in the Capital Region.
$100 million for regional partnerships for strategic investments.
Taking advantage of the existing $300 million for regional venture funds to spur new investment and job creation.
Investing in Agribusiness and Agricultural Enterprise Applied Research and Technology.
Promoting and encouraging research produced in New York.
Authorizing a sales tax exemption for businesses in academic incubators.
Providing commercialization assistance grants.
Increasing the Qualified Emerging Technology Company Credit.
Creating Incentives for Bioscience and Nanoscience commercialization.
Supporting new capital investments in Upstate's Outstanding Emerging Technology Centers.
Reconfigure Economic Development zones to address rural needs.
· Specific components of the energy package include the following:
Promoting energy independence and clean alternative energy.
Providing Energy Cost Assistance to Small Businesses (This initiative will provide a $350 million refundable energy tax credit to help 386,000 small businesses).
Providing Solar and Fuel Cell Manufacturer Tax Credits.
Offering Cellulosic Ethanol Production Tax Credit.
Offering Alternative Energy Use Tax Credit.
Eliminating the Petroleum Business Tax on Nonresidential Heating Fuel.
Providing $300 million for investments in clean, renewable energy research and commercialization, including clean coal and bio-fuels.
Extend low-cost power programs, including Power for Jobs.
Reduce property taxes for land used for Biofeedstock Production.
Upstate Now includes the following:
Cleaning-up brownfields to encourage development.
Clearing, renovating and re-using obsolete manufacturing facilities.
Creating Community Renewal Zones.
Enacting an Asbestos Remediation Credit.
Better promoting upstate’s historical sites, cultural heritage, arts, and recreational assets.
· This component of the Upstate Now plan includes the following measures:
Targeting global manufacturers ready to locate new manufacturing facilities in the U.S.
Developing Regional Incentive Packages to aggressively lure major manufacturers.
Creating a minimum target for new manufacturing jobs.
Attracting major manufacturers with refundable tax credits.
· This component of the Upstate Now plan includes the following measures:
Expanding opportunities for remote learning through the SUNY Learning Network.
Creating an Interactive Online Empire Education One-Stop Gateway to training and education.
Supporting experience-based education that prepares students for the workplace.
Supporting development of a network of Community College Technology Training Centers.
Creating Regional High Tech High Schools.
Helping employers that invest in training for employees or internships for CollegeStudents.
Supporting statewide rollout of the New Work Readiness Certificate.
Enhancing funding for Individual Training Accounts (ITA'S).
Establishing a Virtual Business Incubation Program for small and start-up companies.
Creating an online clearinghouse of forms and regulations in plain language.
Ensuring adequate sources of start-up funds to finance new businesses.
Establishing Empire Entrepreneur Accounts to encourage savings to start a business, including revolving loan funds for industries such as agribusiness.
Put upstate economic development czar on equal footing and authority with downstate ESD Chair.
Upstate Now will enhance local coordination of marketing New York’s regionally significant destinations and spotlight the State’s historic sites and agricultural tourist attractions. Upstate Now will create a comprehensive statewide system of accessible and safe multiuse thematic trails for every age.
Promoting Agri-Tourism including fresh markets, wine trails and associated industries.
Elevate the I Love New York program to a cabinet level position.